Mathematics: An account earns simple interest. $5200 at 7.36% for 54 months. find the interest earned. find the balance of the account

An account earns simple interest. $5200 at 7.36%

kendall984

10.01.2022

Interest earned=$ 1722.24

New Balance of account=$6922.24

Step-by-step explanation:

An account earns simple interest.

$5200 at 7.36% for 54 months.

The principal account (P) =$5200

R=7.36%

T=54 months=54/12 year=4.5 year.

Hence, simple interest(I) is calculated as:

$I=\dfrac{P\times R\times T}{100}\\\\I=\dfrac{5200\times 7.36\times 4.5}{100}\\\\I=\$ 1722.24$

Hence, interest earned=$ 1722.24

Hence, the new balance of the account is:

P+I

=5200+1722.24

=$ 6922.24.

Hence new balance of account=$ 6922.24

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